Globe Life increases revolver to $1 billion, extends to 2029

By Wendy Van Sickle

Columbus, Ohio, April 2 – Globe Life Inc. and subsidiary TMK Re Ltd. amended and restated the credit agreement dated Sept. 30, 2021 with Bank of America, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The amendment, signed March 29, increased the revolver to $1 billion from $750 million and extended the maturity date to March 29, 2029.

An accordion feature allows the company to request up to two increases per year to up to $1.25 billion in minimum increments of $25 million.

The sublimit for same-day swingline loans was increased to $50 million from $35 million.

The limit on the amount of FHLB debt Globe Life’s subsidiaries may incur and liens securing that debt was increased to $2.5 billion from $1.5 billion.

Additionally, the company’s option to enter into an ESG amendment was deleted from the credit agreement.

The credit facility may be extended for up to two one-year periods upon Globe Life’s request.

There is a $250 million sublimit for letters of credit.

Borrowings bear interest at term SOFR plus a margin ranging from 79.5 basis points to 130 bps, and the facility fee ranges from 8 bps to 20 bps, both depending on debt ratings.

BofA Securities, Inc., Regions Capital Markets, Truist Securities, Inc. and Wells Fargo Securities, LLC are the lead arrangers and bookrunners.

Regions Bank, Truist Bank and Wells Fargo Bank, NA are the co-syndication agents.

KeyBank NA and PNC Bank, NA are the co-documentation agents.

Globe Life is an insurance holding company based in McKinney, Tex.

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